GODWIN-XAVIER AYEEBO's Blog – December 2010 Archive (4)

In Accountancy an asset is defined as ‘‘a resource controlled by the entity as a result of past events and from which future economic benefits are expected to

flow to the entity.’’



A liability also defined as a’’ present obligation of the entity arising from

past events, the settlement of which is expected to result in an outflow from

the entity of…

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The general definition of an audit is an evaluation of a person, organization, system, process, enterprise, project or product.

Financial Audit, or more accurately, an audit of financial statements, is the review of the financial statements of a company or any other legal entity (including governments), resulting in the publication of an independent opinion on whether or not those financial statements are relevant, accurate, complete, and fairly presented. Financial audits are typically…

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Each day, we spend or waste some money and whether we like it not we will continue to spend some money.



In accountancy, we have bad and good expenses. The good expenses are the ones; the organization can deduct from the revenue and if something is left as profit, then tax can be applied on it. On the other hand, bad expenses are not allowed to be deducted from the revenue at all. The tax laws would not allow such bad expenses to be deducted from the revenue, the organization has to… Continue

There are various definitions of money and many schools of thought of how money can influence decisions taken by people and how these decisions also impact on society.

Some people believe that they need to work hard to get money and they do not believe they should allow other people to help them get the money they need because they do not trust any other person when it comes to money. Such people prefer to keep their money to themselves alone and they are always afraid to invest. They are… Continue